diff --git a/CHANGELOG.md b/CHANGELOG.md
index 497cb761..2a3c308e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -18,6 +18,14 @@ Valid subsections within a version are:
 
 Things to be included in the next release go here.
 
+---
+
+## v3.1.1 (2025-02-04)
+
+### Merged Pull Requests
+
+- feat: Added support for a new custom version string format, `"1.2.3-custom.1234+abcdefghi"` ([#376](https://github.com/tektronix/tm_devices/pull/376))
+
 ### Added
 
 - Updated the `get_version()` function to support more custom version string formats, e.g. `"1.2.3-custom.1234+abcdefghi"`.
diff --git a/pyproject.toml b/pyproject.toml
index 85a5e083..e51f3b69 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -73,7 +73,7 @@ maintainers = [
 name = "tm_devices"
 readme = "README.md"
 repository = "https://github.com/tektronix/tm_devices"
-version = "3.1.0"
+version = "3.1.1"
 
 [tool.poetry.dependencies]
 colorlog = "^6.9.0"